HARRISBURG, Pa. (AP) – Pennsylvania’s state tax collectors are confirming that April was a bad month for revenue.
The state Department of Revenue said Thursday that tax collections in the all-important month of April were below expectations by $328 million, or almost 9 percent.
That compounds a deficit that was about $170 million on April 1, potentially knocking Gov. Tom Corbett’s election-year budget out of balance by $1 billion.
The Rockefeller Institute of Government in New York suggests some states’ tax collections are lagging because taxpayers sold securities in 2012 to avoid higher federal tax rates on capital gains in 2013.
The state Legislature’s Independent Fiscal Office is projecting revenue figures that, under current law, would mean Corbett’s budget is $1.3 billion out of balance.
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